The World Bank has released its monthly review of Armenia’s economic development, shedding light on notable changes in key sectors of the national economy.
In October of this year, the country’s economic activity slowed, recording a 4.2% growth compared to the same period last year, a decrease from September’s 7% growth rate.
The services sector remained the primary driver of growth, though its pace significantly declined—from 11.6% in September to 5.2% in October. This drop is primarily attributed to a slowdown in the hospitality sector.
Meanwhile, construction and trade continued to show robust performance, maintaining double-digit growth rates of approximately 14%. The industrial sector also demonstrated positive momentum, growing by 5.3%, driven largely by the energy sector, which saw a remarkable 21.8% increase. Manufacturing grew by 6.6%, while the mining sector contracted by 10.1%.
From January to October, Armenia’s economic activity increased by 8.1%.
